October 28, 2014 / 8:35 AM / 4 years ago

Carige says sells insurance units to Apollo for 310 million euros

A street vendor walks in front of Carige bank in Genoa May 14, 2013. REUTERS/Alessandro Garofalo

MILAN (Reuters) - Italian bank Carige (CRGI.MI), which must plug a capital shortfall of 810 million euros ($1.03 billion) uncovered by Europe-wide stress tests of lenders, said on Tuesday it had reached a deal with Apollo Management Holdings to sell it its two insurance units.

Carige said in a statement sale proceeds would total 310 million euros which will be paid in cash upon closing of the deal, which is expected in the first quarter of next year.

Shares in Genoa-based Carige extended gains and were up 5 percent after news of the deal, which includes a partnership with Apollo over the distribution of insurance products.

Reporting by Silvia Aloisi, editing by Valentina Zaa

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